Monday, 07 January 2019
We started 2019 with sugar prices at the lower end of recent ranges. The MAR19 ICE 11 contract made its high last Monday at 12.41 c/lb, before posting its low of 11.69 c/lb on the Thursday, closing the week at 11.93 c/lb. On the currency front, the second trading day of 2019 saw extreme volatility as the Aussie dollar and other currencies suffered what is being dubbed as a “flash crash”. Revised revenue data from Apple appeared to trigger algorithm systems to sell risk currencies and due to thin holiday liquidity we saw the AUD trade from just below 0.70 to 0.6715 in a matter of seconds.